Combine the chopped mango and coconut water in a blender or food processor. Blend for at least one minute, or until the mixture is smooth and creamy. Mango can have stringy fibers, so make sure the mixture is as smooth as possible.
After blending, taste or visually assess the mango mixture. If it seems smooth, you can skip this step. If you notice stringy fibers, pour the mixture through a fine mesh strainer, pressing with a spoon or spatula to separate out the fibrous solids. Return the strained, smooth mango puree back to the blender or food processor.
Add 1/4 teaspoon of salt, oil, white balsamic vinegar, lime juice, honey (or other sweetener), and red pepper flakes (if using) to the mango mixture in the blender. Blend for about 10 seconds, or until fully emulsified and smooth. I like to add the red pepper flakes for a subtle kick, but they're optional if you prefer a milder dressing.
Taste the vinaigrette. To balance the flavors, adjust by adding more salt, an extra teaspoon of sweetener, or a teaspoon of vinegar as desired. If it's too sweet, just add a small amount of additional salt or vinegar. If it's too sour, add a teaspoon or two of sweetener and possibly a tablespoon of oil. Once you are happy with the flavor, your mango vinaigrette is ready. For extra flavor, I sometimes use fresh lime juice right before serving.
Transfer the vinaigrette to a sealed container and refrigerate. It will stay fresh for at least one week. If the vinaigrette thickens after chilling, simply heat it in the microwave for 10–15 seconds or let it sit at room temperature until it reaches your desired consistency. Enjoy on salads, grain bowls, or as a marinade!